Tasty1

At least, that is what i would have done if i had one....

Wirecard shares plummet 65% as embattled payments firm says $2.1 billion of cash is missing

Wirecard shares plunged on Thursday as the German payments giant postponed its annual results once again, and said auditors could not confirm the existence of 1.9 billion euros ($2.1 billion) in cash on its balance sheet.

The Munich-headquartered company said in a statement Thursday morning that auditor EY couldn’t find the cash balances — which represent roughly a quarter of its balance sheet. There were indications that “spurious balance confirmations” had been made by a trustee to “deceive the auditor and create a wrong perception of the existence of such cash balances,” it added.

“The Wirecard management board is working intensively together with the auditor towards a clarification of the situation,” the firm said. It added that the delay in getting its accounts signed off by EY could mean loans of around 2 billion euros would be called in early this week.

Wirecard’s share price cratered immediately after the news, with its value falling as much as 66% at one point. Shares were down 47% by 06:40 ET.

The embattled group has fallen from its position as one of Germany’s top financial technology darlings to a company mired in controversy due to allegations of fraud. The firm was at one point last year worth more than 24 billion euros and even replaced Commerzbank in the German blue-chip index, but has since seen its market capitalization decline to just 6.5 billion euros

The Financial Times has published a series of reports on its investigation into Wirecard’s accounting practices. According to those reports, which began back in January 2019, Wirecard’s Singapore office tried to inflate revenue through forged and backdated contracts. Another story in October claimed that Wirecard’s staff appeared to conspire to inflate sales and profits at subsidiaries in Dubai and Dublin and mislead EY.

Wirecard was not immediately available for comment on these reports when contacted by CNBC.

https://www.cnbc.com/2020/06/18/wire...al-report.html

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Aron-NL

That would be tragic, hopefully they can clear themselves. I remember allegations from earlier in the news, but they are still here. Many here have merchant account with Wirecard so it is an important question. Let's not panic, but keep our eyes on the news...

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CurrentlySober

i cunt a4da wirecard 2 empty...

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NALEM

This ^^^

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OneHungLo

Someone woke up to a nightmare today.

CaptainHowdy

That reminded me of Oliver Sacks . . .

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adultchatpay

Act now!

Tasty1

Financial specialist in Holland say that wirecard might get bankrupted this weekend... Better be safe, than sorry!
When a bankrun starts, you are too late.

"From FD just now: In a response to Bloomberg news agency, Barry Norris, fund manager at Argonaut Capital, said he sees the payment processor looking bleak. "The fact that Wirecard had large loans on approved financial statements is reason for us to assume that the company will be declared bankrupt this weekend."

Barry Norris is going short, so he profits when it goes down.
https://portfolio-adviser.com/alexan...ting-plummets/


Payment Giant Wirecard: Possible Billion Fraud

By DFT Editorial
Updated 1 min ago
8 min ago in FINANCIAL

German payment processor Wirecard says fraud of "significant scale" cannot be ruled out after a $ 1.9 billion gap in its accounts emerged.

Wirecard reported this on Friday. The summit stated in an explanation that it could not rule out having become the 'injured party'.

The group already postponed the publication of its 2019 annual report on Thursday. Actually, the company accused of accounting fraud would publish the report on Thursday. However, accounting firm EY says it sees indications of fraud, with a financial gap of nearly € 2 billion.

Wirecard also put director Jan Marsalek on non-active and brought forward the appointment of James Freis. He would actually become responsible for integrity with the payment processor from July 1. He must also ensure that the company complies with all rules.

The publication of the annual report has already been postponed several times. No new date has been mentioned.

On the stock market, the share fell by more than 60% on Thursday.

British business newspaper Financial Times posted documents from the company last year that the newspaper said Wirecard fraudulently boosted earnings and sales figures. The suspicions of cheating revolve around a partner company of Wirecard from Dubai. Wirecard firmly denied the accounting fraud and hired accountant KPMG to conduct independent investigations. KPMG said it did not see any misconduct in April, but said that not all information was available.

On Friday, German authorities raided the company seeking information from company executives. Wirecard agreed to cooperate with the authorities.

Wirecard also announced on Thursday that he would file a report for the fraud, saying the company may have been a victim of "massive scams." It concerns a report against as yet unknown persons who may be involved in the fraud case, according to Wirecard.

__________________

xanadu

lots of people and companies in the industry are using them, lets hope not, will get very nasty

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Tasty1

i think when people read this, they will get there money out there. A virtual bankrun is possible.

Affiliates better empty their wirecard that paxum offers.

__________________

xanadu

everyone is trying that already but its not as easy as it sounds, they have limits etc

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Tasty1

i can't buy short positions on wirecard I think there will be a bankrun and than they need cash, that they don't have.

I just was looking last week to buy stocks, but somebody adviced not to do it till after the accountancy investigation and i listened
From 104 euro to 21,50 euro in 24 hours.

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ladida

They're done. There's no "there will be". Its over for wirecard.

Now the issue remains if the banks that bought stocks as collateral will follow, as this clearly is happening to bail out firms.

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xanadu

I agree, dont see how they will survive this and does not look good....

I would say that 50% of the top-100 companies in the industry have been using them, will affect everyone.

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xxx6live

https://www.reuters.com/article/us-w...-idUSKBN23Q0YA

Payoneer (remember them?) uses Wirecard for cards in Europe at least... maybe that is why I did not get my bank transfer (non adult) from 14 days ago...

nikki99

.................

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Major (Tom)

I have a thought here. I have no dog in this fight so I can be objective here. This isn’t like SKNAB where they lost their ability to process visa. This is banking institution and a cog in the wheel in the german economy. Typically, in situations like this, it isn’t game over. Usually there is some kind of bailout. We will see though. As they say, the rich get richer.

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RuthB

Since you guys have mentioned Paxum in this thread, please read the following statement regarding this, from our CEO.

Paxum Official Statement regarding Wirecard Bank Rumors

Montreal, Canada

Paxum has issued a statement to its clients in relation to the recent publicity regarding Wirecard accounting irregularities. Paxum is following the situation and has provided the following update.

“We feel it is important to publicly address the Wirecard situation to avoid unnecessary speculation and apprehension from our clients.” said Paxum's CEO, Octav Moise.

“We would like to reassure our clients that Paxum, as a regulated financial entity, holds accounts with numerous banks and financial institutions worldwide. Should we ever feel that Wirecard or any other bank is not an appropriate processing partner, Paxum will utilize an alternative bank to process your payments, and we will provide you with that bank’s EUR funding instructions. Your incoming funding and outgoing payments will continue arriving as usual and without any interruptions.

Paxum has always had strong risk mitigation policies in place, along with safeguards that ensure our clients’ funds are secure. This is why we are not dependent on our banking partners’ financial viability, and why Paxum has always weathered similar situations and continued to conduct business without interruption. You can rest assured that no Paxum clients’ funds are at risk should Wirecard suffer any difficulties.

We remain confident that Wirecard’s issues will be resolved soon, and are prepared to continue our relationship with them long into the future. They have always conducted their business with us in a fair and professional manner. In the meantime for Paxum, we will continue to operate business as usual, and we sincerely value and appreciate our many business partners, clients, and supporters.”

Paxum is an industry leader, and has been successfully offering a secure instant payment platform since 2007 to hundreds of thousands of clients that actively use our service. Our award-winning payment company provides a cost-effective, user-friendly interface fortified with stringent security measures and multiple ways for clients to access their account funds, including an optional prepaid credit card. Paxum account users can easily send and receive money instantly all over the world.

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AutumnBH

Does anyone know if Epayservices.com is going to be affected by Wirecard going down?

st0ned

Thanks for this Ruth! We were just discussing this internally earlier today and wondered if we would be affected.

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BigFurry

That's good news. Could you also reenable USD Wires for European accounts?

Tasty1

Paxum won't be infected, but the service with the wirecard debetcard could be. Remember when Visa blocked Epassporte cards for months. Wirecard also have deals with Visa/master. If a bail out is needed it could take weeks/months/years before you get that money back. Under German/EU banking license 100.000 euro is insured and will be paid, but how long will that take.. When a lot of peope start getting their money out, cards will be blocked cause won't be enough cash.

If you need the money, get it out. Just to be sure you have cash when needed. That is what i would do. There is a change that they just might go bankrupt this weekend already. I think the government will step in when needed. I was already looking how much other banks are involved, but can't short Softbank stocks (they have 1 billion stocks wirecard). Deutsche bank is not involved for much money, (150 million), but you never know. In Holland when 1 bank fails, the other must help (pay). Could have big concequences. For sure the German government is busy now looking at all scenarios. With the EU, cause the deposit quarantee system now could force banks from other countries to step in to pay. The Germans where always against this, afraid that they might have to pay to bad banks in other countries like Italy / Greece. Till they saw how bad their own Deuthsce Bank was doing, than they started supporting it. And than this, nobody expected that this Wirecard bank could fail, theye are more worth on the stock market than Deutsche Bank, at least till now.

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nikki99

oh shit and I am applying for an account there and is "delayed" ...

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ladida

Are you sure this is insured tho? I'm not sure if they were insured.
Normally, goverment insurance in this case goes rather "smoothly" unless there's a humongous amount of debt, and 1B is not nearly the case to mess things up. Also, im pretty sure ECB would step in and bail germany in this case as well. So this part is not really an issue. If money was insured, getting 100k will be rather painless. Getting anything after that will take years if you ever see it, but as i said, im not sure where you see they are goverment insured?

And size of wirecard is not an issue, they're not that big of a player to cause big waves, problem is that banks have taken their stocks as collateral. What this means is that if they did it with wirecard, they've also done it in a lot of other places. The scope of them doing this is totally unregulated and unknown, and could be a huge house of cards waiting to fall down.
This is a privately owned payment solution provider, not a bank. I don't see why goverment would ever bail them out. Even private banks are not really bailed out per se. I don't see it happening unless something a lot bigger is happening behind the scenes.

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MaDalton

No one is going to bail out Wirecard - in case anyone was hoping for that.

They are not relevant, they don't hold the money of private citizens (at least not any significant amount), they don't have "tradition", they deal in "dirty" businesses, they brought a lot problems to the German stock excange since they had to be included in the Top 30 in 2018.

I am pretty sure there are many in the finance world who would be happy to see them go.

This is not my personal opinion, this is just how they are perceived.

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Tasty1

Maybe not a bailout, but give them a loan so they can print new stocks to raise that 2 billion that is missing. Las crisis there was also a bank that was hated by other banks and let it go bankrupt. Many people lost their savings and the government saved some other banks. Was very strange, government helping 2 banks, with all tax payers money. But the let DSB go bankrupt. Still investigations into that, looks like they where played.

__________________

Tasty1

PDF File:

https://www.wirecardbank.com/fileadm...Protection.pdf

1 Your deposit is covered by a statutory Deposit Guarantee Scheme and a contractual Deposit Guarantee Scheme. If insolvency of your credit
institution should occur, your deposits would in any case be repaid up to EUR 100,000.
2
If a deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee
Scheme. This repayment covers at maximum EUR 100,000 per credit institution. This means that all deposits at the same credit institution are added
up in order to determine the coverage level. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with
EUR 20,000, he or she will only be repaid EUR 100,000.
3
In case of joint accounts, the limit of EUR 100,000 applies to each depositor. Deposits in an account to which two or more persons are entitled as
members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a
single depositor for the purpose of calculating the limit of EUR 100,000. In the cases listed in Section 8 (2) to (4) of the German Deposit Guarantee
Act (Einlagensicherungsgesetz) deposits are protected above EUR 100,000. More information can be obtained from the website of
Entschädigungseinrichtung deutscher Banken GmbH at Entschädigungseinrichtung deutscher Banken - edb-banken.de.
4
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may
be barred after a certain time limit. More information can be obtained from the website of Entschädigungseinrichtung deutscher Banken GmbH at
Entschädigungseinrichtung deutscher Banken - edb-banken.de.
5
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the
website of the responsible Deposit Guarantee Scheme. Your credit institution will also inform you on request whether certain products are covered or
not. If deposits are covered, the credit institution shall also confirm this on the statement of account.

--

But i don't know everything. I saw they had a german bankng license, so they have that quarantee deposit scheme. With the Epassporte debacle VISA blocked the debetcards for a while and than some weeks/months later you where able to collect your money from it. In Holland this deposit quatantee is paid by the other banks... So they will make a huge loss. Don't know if that system is also in germany and if it is already changed that all EU banks/countries must help.
--

Wirecard Bank AG
Since 2006, Wirecard Bank AG has been part of the Wirecard AG Group, whose corporate objective is to provide consumers and companies worldwide with an opportunity to process electronic payments securely and smoothly.

The company is globally active in supporting companies from various industries to automate payment processes and minimize bad debt losses. Wirecard Bank is a member of the Deposit Protection Fund of German banks and is supervised by the Federal Financial Supervisory Authority (BAFin). As a company of the Wirecard Group, it draws on innovative technological solutions and comprehensive e-commerce expertise. As a member of Visa, Master Card and JCB International, Wirecard Bank is also licensed to conclude credit card acceptance agreements (acquiring) and issue cards (issuing).

https://www.fpmi.de/en/participants/...d-bank-ag.html


The Deposit protection scheme
https://en.bankenverband.de/tasks/de...ection-scheme/

---

I think they better print new shares or bonds if the government don't want to step in. But who knows, maybe there is already a new private investor. In holland a company like Wirecard exploded on the stock market (Adyen) went from 700 euro to 1200 euro a share. But they hande payments from Amazon.

__________________

BigFurry

I believe the 100,000 EUR Deposit Guarantee Scheme only applies to money deposited to "Wirecard Bank AG" bank accounts -- not the whole "Wirecard AG Group".

As for the European Deposit Insurance Scheme, it's still not completed as far as I know. The deposit guarantees are still handled inside each country.
https://www.euractiv.com/section/eco...st-the-clouds/

MaDalton

the difference is whether there is an economic crisis with several banks at the verge of collapsing which would then drag down the whole economy - or one company with a banking license, which has no immediate influence on the overall economy, goes bankrupt because of their incompetence (or fraud - whatever the outcome will be once it is investigated).

If Wirecard disappears it will be inconvenient for many businesses but it will make zero difference for consumers.

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Tasty1

All account holders got an email that their money is protected till 100.000. Don't know if that also counts for wirecard debatcard holders.

Commerzbank, Deutsche Bank, ING (Dutch), ABN Amro (Dutch) had meetings this weekend. looks like they also have money in wirecard. Consumers will be protected, but you never know what happens if other banks have money in the wirecard bank.

Many options, maybe there is no big problem, maybe they can get a loan, maybe new investor, maybe they have enough in cash when there is no bankrun. But for sure there will be many investigations and juridical procedures cause it looks like something is wrong there. Or they just forgot that the 2 billion is hidden under a matress. When it goes down and other banks have to pay the bill under deposito guarantee, it will hit more banks. But don't know how big they are. And maybe the European bank just sent 2 billion, they created enough, is peanuts for them.

I would still get my money from the wirecard if i had one

__________________

Tubevideditor

But how would it work for those site owners who rely on recurring monthly memberships with lots of customers?
There is no actual balance they can withdraw as a lump sum but do rely on getting paid weekly from Wirecard for those new memberships/recurring memberships.
If things turn bad, then a lot of repeat customers will be lost for those site owners.

Tasty1

Many parts of online business could be involved. Maybe some affiliate programs i promote also use wirecard for their german customers, i don't know. Bet they are looking for other billing companies. Will cost a lot of money for some people. I hardly sell susbscriptions, so for me not much impact i guess.

Wirecard now even went to 14 euro on the stock market.

__________________

Tasty1

New Wirecard CEO Has Few Days to Calm Nervous Investors

‎22‎ ‎juni‎ ‎2020‎ ‎07‎:‎00 Updated on ‎22‎ ‎juni‎ ‎2020‎ ‎11‎:‎19

James Freis took charge Friday following Braun’s departure

Interim CEO ex-director at U.S. Treasury financial crimes unit

James Freis took charge of Wirecard AG on Friday following the shock announcement that Markus Braun had resigned as chief executive officer. The question he faces on Monday is what, if anything, he will be able to salvage of the payment company.

Braun’s position became untenable following revelations that about 1.9 billion euros ($2.1 billion) -- or two-thirds of the company’s 2019 revenue -- had gone missing. The two Asian banks that were supposed to be holding the money denied any business relationship with Wirecard and the company subsequently withdrew its fiscal 2019 and first-quarter 2020 financial results after saying those funds on its balance sheet probably don’t exist.

The chaos has shaved about 85% off Wirecard’s market value over just three trading days. As interim CEO, Freis has to convince investors that the collapse isn’t terminal.

He has some relevant experience. He began his career as an attorney at the Federal Reserve Bank of New York. After a spell as director of the U.S. Treasury Department’s Financial Crimes Enforcement Network, where he was responsible for the regulation of financial institutions, he spent 6 years at Deutsche Boerse AG, most recently as chief compliance officer.



Freis wasn’t meant to start at Wirecard until July. He also wasn’t meant to be running the company -- last week, he was supposed to be getting ready to run a new department called “Integrity, Legal and Compliance.” Now, his first priority will be to work closely with the company’s lenders, who are demanding more clarity in return for the extension of almost $2 billion in financing after Wirecard breached terms on the loan. At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in negotiations about the next steps.



Wirecard said it’s in “constructive talks” with its lenders, and has hired investment bank Houlihan Lokey Inc. to come up with a financing strategy. However, a prolonged extension of Wirecard’s repayment obligation could be seen as delaying insolvency, which is illegal under German law.

In Braun’s parting note on Friday he said the “confidence of the capital market in the company I have been managing for 18 years has been deeply shaken.” He added that responsibility for all business transactions lies with the CEO.

Now Freis will need to build up that confidence to halt a share price that went into free fall -- the stock was down 36% at 10:58 a.m. in Frankfurt trading. Long-term investors have cut their stakes in Wirecard, while Deutsche Bank AG’s asset manager DWS said it will file a lawsuit against both Wirecard and Braun, a company spokesman said on Friday.

The price of credit swaps on Wirecard indicate 82% odds of default by Christmas and 96% likelihood over five years, according to ICE Data Services on Friday, while Moody’s Investors Service cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk.

Wirecard is also facing multiple investigations by local prosecutors and BaFin, the German financial regulator. One of Freis’ tasks will be to clarify with regulators what happened to the missing cash and what the implications will be to Wirecard’s balance sheet.

The problem has been compounded after Philippine central bank Governor Benjamin Diokno told reporters on Sunday that none of the missing money entered the Philippine financial system, after two of its major lenders denied holding funds for the German payments processor.

The company has also been forced to reassure customers that it is business as normal at its banking arm. Wirecard started offering a digital wallet called boon Planet in 2019. The app, similar to Paypal, was advertised in January this year with an attractive yield for account balances. While it is unclear how much money customers deposited at the app, the company sent out a message on Saturday reassuring its clients that their deposits are protected by a German state guarantee fund.

Ignored Warning Signs

Analysts kept their price targets up despite critical press reports

German politicians are now taking aim at Wirecard, once seen as proof that Germany could build a fintech giant to take on U.S. rivals.

“BaFin started its investigations early on, but sadly that couldn’t prevent the striking losses for investors,” said Florian Toncar, a German lawmaker from the opposition Free Democrats. “It would be very good to see BaFin use the tools at its disposal to quickly provide investors with clarity.”

Freis posted his job update on LinkedIn shortly after the announcement. One contact responded that it sounds like “one heck of a turn around project” but that Wirecard has found the right guy to restore credibility. In a reply, Freis quipped that the “one upside...is that I never have to worry about finding a beer when I need one at the end of the day.”

https://www.bloomberg.com/news/artic...vous-investors

__________________

biiiglia

Or cosmopayment.com ?

DraX

Lets see how it goes in the next few days, I heard they're involving Los Angeles based reconstruction bank firm Houlihan Lokey.

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AutumnBH

I just got a message back from Epayservice support and the guy said that they definitely don't have anything to do with Wirecard. The debit cards are issued by an English outfit called PSI Pay. There's not much info about PSI Pay on the net but they have some sort of a partnership with Western Union, so they can't be that small.

Epayservice has been really good so far, I've been using it extensively for a year or so now. No real complaints except that withdrawals to an external Mastercard debit card at my bank don't work for me (although that might just be my bank, not Epayservice's fault) and they don't have a way to get back up codes for 2FA.

I've never used Cosmo but if you look at the back of your debit card it will show the issuing bank. My Payoneer card has "Wirecard Card Solutions Ltd" listed on the back as the issuer.

ladida

Yes, this is what's important. It's unclear how are your funds on the debit card stored.

However, if everyone got a pdf that 100k is insured, then i guess it is. We shall see.

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Tasty1

BERLIN (AFN) - Markus Braun, who resigned abruptly last week as chief executive of Wirecard hit by a major accounting scandal, has been arrested. He is suspected by the German Public Prosecutor's Office of having falsely recorded the turnover figures. Braun turned himself in to the authorities after a warrant was issued.

Wirecard announced on Monday that nearly $ 2 billion in bank balances that went missing at the company may never have existed. The company withdrew its financial publications from recent years due to the fraud scandal. On the Frankfurt stock exchange, the Wirecard share in the DAX main index was rocketed by the affair.

The German authorities, including stock exchange regulator BaFin, have been investigating Wirecard for some time, recently also raiding the company in search of information.

__________________

Konda

I was hoping Wirecard would be able to survive this, like they survived a lot of scandals in the past. But this time time I doubt they'll survive. Sucks I have a lot of merchant accounts and bank accounts with them. Maybe some other banks will buy their processing business, but even then, they might get rid of the high risk part. Let's see.

Aron-NL

Maybe this is the end:

https://www.reuters.com/article/us-w...k%20Ex change.

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Klen

Well, when you discover how you are 2 bil short, kind a hard to recover from that.

Tasty1

Bloomberg) -- Wirecard AG filed for insolvency, following the arrest of its CEO amid a massive accounting scandal that left the German payment-processing firm scrambling to find over $2 billion dollars missing from its balance sheet

Lowest o the stck market 2 euro, now 4 euro (last week 104 euro!)

__________________

chrys

Damn it

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PorcoRosso

Probably the end...
What are the alternatives?

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xxxclusive

And wirecard was fully compliant with visa and mastercard... as well the books and balance were checked by Ernst & Young.

porncargo

The Paxum cards are now officially suspended.

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Tasty1

Please be advised that the Paxum SEPA Mastercard backed by Wirecard Card Solutions Limited has been temporarily suspended, effective immediately. All existing Paxum SEPA card funds remain safe and secure, however already loaded card funds cannot be accessed at this time. We sincerely apologize for the lack of notice.

Earlier today the Financial Conduct Authority (FCA) issued a declaration for the immediate suspension of Wirecard Card Solutions Limited regulated activity. Unfortunately this means that the funds on your Paxum SEPA card have been frozen and are temporarily unavailable for you to access and withdraw. You can read more about this here - [https://www.fca.org.uk/news/news-sto...-authorisation[

While Paxum has no way to release the already loaded card funds, we continue to offer alternative withdrawal methods to all clients for future funds/earnings. From WIRE withdrawal to External Card Withdrawal and ACH/EFT in some regions, there is a variety of options plus the Paxum Unionpay card remains available.

It is important to note that this action by the FCA only affects the Paxum SEPA Mastercard. The Paxum Unionpay card has a completely different card issuer and is fully available to use.

Here's a quick breakdown of some questions we anticipate you will be asking.

What caused this?

The Financial Conduct Authority (FCA) suspended operation of Wirecard Card Solutions; our card-issuing partner for the Paxum SEPA Mastercard.

Is Paxum in trouble?

No, Paxum has not done anything wrong and is only affected because Paxum SEPA Mastercards are provided and issued by Wirecard Card Solutions Limited. Paxums' business remains fully intact and completely operational.

Does this affect the Paxum Unionpay Card as well?

No, the Paxum Unionpay card is not affected by this situation, it remains fully operational and can be used as normal worldwide.

What does this mean for my money?

Any new funds sent to your Paxum account can be accessed through the various options described earlier in this email; Wire, External card withdrawal, EFT, Paxum Unionpay, etc. All funds already loaded to the Paxum SEPA Mastercard remain safe and secure, unfortunately they cannot be accessed at this time.

When will my money be released?

The FCA suspension occurred earlier today (Friday, June 26th 2020) and we have no further information at this time. You will eventually be able to access your Paxum SEPA Mastercard funds, but the FCA must first release the funds, which can take time.

As soon as we are informed of any further actions we will immediately update you.

Sincerely,

The Paxum Team

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Tasty1

Are my funds protected by FSCS?
No. The Financial Services Compensation Scheme (FSCS) only applies to certain types of activity which does not include issuing electronic money or payment services.

Under the EMRs and PSRs, there are rules on how customers’ money should be protected and these requirements are known as ‘safeguarding’.

Is there a chance I won’t get my money back? What is safeguarding?
Safeguarding is a key consumer protection measure within the EMRs and the PSRs. The purpose of safeguarding is to protect and return customer money if a firm was to fail.

Wirecard is required under the EMRs to maintain appropriate measures to safeguard customers money. It does this by holding it separate from its own money in accounts with banks (or another credit institution). Effective safeguarding arrangements are critical to help ensure that customers’ money is protected and returned if a firm fails. Adequate safeguarding arrangements which are compliant with the regulatory requirements are a condition of Wirecard’s ongoing FCA authorisation.

https://www.fca.org.uk/news/news-sto...-authorisation

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